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Digital Payment Market

Global Digital Payment Market Size, Share, Growth, Forecast: By Solution: Payment Gateway, Payment Security and Fraud Management, Payment Processing, Transaction Risk Management, Others; By Deployment: Cloud, On-Premises; By Mode of Payment: Digital Wallets, Others; By End Use; Regional Analysis; Competitive Landscape; 2024-2032

Global Digital Payment Market Outlook

The global digital payment market size reached a value of USD 140 billion in 2023. The market is likely to grow at a CAGR of 15.3% during 2024-2032 to attain a value of USD 504.18 billion by 2032.

 

Global Digital Payment Market

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The market for digital payments is witnessing rapid growth worldwide, supported by the growing popularity of mobile wallets. Global 5G network deployment is also anticipated to increase the digital payment market share. In an effort to gain a competitive advantage, e-commerce service providers are shifting away from conventional debit/credit card and consumer financing solutions and toward client engagement strategies that take advantage of digital payments. Digital payments provide significant advantages for individuals, governments, businesses, and organisations, such as cost savings, transparency, and security. These advantages are further contributing to the expansion of the global digital payments market size. Small businesses all around the world have benefited greatly from the ability to switch to digital payments and receipts since it allows for faster and more secure payments with no risk or fees.

 

The COVID – 19 Pandemic has Accelerated the Growth of Global Digital Payment Market

The increasing smartphone penetration in the Asia Pacific region is propelling the online payment market size expansion at a healthy rate. The rise of smart wallets, in which users can add money to an application and utilise them later, in multiple areas, is also boosting the adoption of digital payment services. Countries like China are investing heavily in digital payment platforms, which have in-app services for booking hotels, flight tickets, offers, etc. Digital payment platforms are a major market growth imperative and can help boost economy, productivity, transparency, and ease of access to financial services. Further, favourable government regulations such as those in India and Japan continue to increase their digital payments market share. The shift towards contactless payment services was already quite prevalent across the world but has been all the more bolstered by the COVID-19 pandemic.

 

Digital Payment: Market Segmentation

Digital payment is a transaction that is done through digital or online modes, with no physical exchange of money involved. This implies that both parties, the payer and the payee, use electronic mediums or platforms to exchange money. Digital payments can take place through the internet as well as on physical premises, but through a mediating electronic platform.

 

Global Digital Payment Market By Solution

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The market is divided on the basis of solution into:

  • Payment Gateway
  • Payment Security and Fraud Management
  • Payment Processing
  • Transaction Risk Management
  • Others

 

The digital payments market is bifurcated on the basis of deployment into:

  • Cloud
  • On-Premises

 

In terms of mode of payment, the market is segmented into:

  • Digital Wallets
  • Bank Cards
    • Debit Card
    • Credit Card
    • Pre-Paid Card
  • Net Banking
  • Digital Currencies
  • Others

 

The global digital payments market is segmented on the basis of end use into:

  • BFSI
  • Healthcare
  • Retail and E-commerce
  • IT and Telecommunication
  • Media and Entertainment
  • Transportation and Logistics
  • Travel and Hospitality
  • Education
  • Others

 

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Digital Payment Market By Region

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Various Government Initiatives to Aid the Market Growth of Digital Payment

Countries across the globe are investing in the implementation of ICT technologies to promote digital economies. To digitise payment processes, governments are taking crucial steps. Digital payment is a major growth dimension for a country’s economy. It can boost productivity, improve transparency, help in financial inclusion, and provide new economic opportunities for users. Due to these factors, the digital payments market size is expected to rise at a healthy rate. Increasing penetration of smart phones and the expanding economies have made the market in the Asia Pacific region expand at a high rate. Furthermore, India is expected to lead the digital payments market due to various initiatives and conducive regulations, such as UPI and demonetisation, supplementing the digital payment market share India. Various other countries, like China, Singapore, and Australia, have also launched digital payment initiatives to help boost the online payment market share. Meanwhile, the US digital payments market size is expanding due to the presence of a strong infrastructure for digital payments and vast user base.

 

Key Players in the Global Digital Payment Market

The report gives a detailed analysis of the following key players in the global digital payment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

 

  • Square, Inc.
  • Fiserv, Inc.
  • PayPal Holdings, Inc.
  • Visa Inc.
  • MasterCard Incorporated
  • Apple Inc.
  • One97 Communications Limited
  • Fidelity National Information Services, Inc. (FIS)
  • Global Payments Direct, Inc.
  • Google LLC
  • Worldline S.A.
  • Adyen N.V. 
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment

  • Solution
  • Deployment
  • Mode of Payment
  • End Use
  • Region
Breakup by Solution
  • Payment Gateway
  • Payment Security and Fraud Management
  • Payment Processing
  • Transaction Risk Management
  • Others
Breakup by Deployment
  • Cloud
  • On-Premises
Breakup by Mode of Payment
  • Digital Wallets
  • Bank Cards
  • Net Banking
  • Digital Currencies
  • Others
Breakup by End Use
  • BFSI
  • Healthcare
  • Retail and E-commerce
  • IT and Telecommunication
  • Media and Entertainment
  • Transportation and Logistics
  • Travel and Hospitality
  • Education
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Square, Inc.
  • Fiserv, Inc.
  • PayPal Holdings, Inc.
  • Visa Inc.
  • MasterCard Incorporated
  • Apple Inc.
  • One97 Communications Limited
  • Fidelity National Information Services, Inc. (FIS)
  • Global Payments Direct, Inc.
  • Google LLC
  • Worldline S.A.
  • Adyen N.V.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

Digital Payment Market Report Snapshots

Digital Payment Market Size

Digital Payment Market Growth

Digital Payment Companies

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Digital Payment Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Digital Payment Historical Market (2018-2023) 
    8.3    Global Digital Payment Market Forecast (2024-2032)
    8.4    Global Digital Payment Market by Solution
        8.4.1    Payment Gateway
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Payment Security and Fraud Management
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Payment Processing
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Transaction Risk Management
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Others
    8.5    Global Digital Payment Market by Deployment
        8.5.1    Cloud
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    On-Premises
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Digital Payment Market by Mode of Payment
        8.6.1    Digital Wallets
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Bank Cards
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
            8.6.2.3    By Type
                8.6.2.3.1    Debit Card
                8.6.2.3.2    Credit Card
                8.6.2.3.3    Pre-Paid Card
        8.6.3    Net Banking
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Digital Currencies
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Others
    8.7    Global Digital Payment Market by End Use
        8.7.1    BFSI
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Healthcare
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Retail and E-commerce
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    IT and Telecommunication
            8.7.4.1    Historical Trend (2018-2023)
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Media and Entertainment
            8.7.5.1    Historical Trend (2018-2023)
            8.7.5.2    Forecast Trend (2024-2032)
        8.7.6    Transportation and Logistics
            8.7.6.1    Historical Trend (2018-2023)
            8.7.6.2    Forecast Trend (2024-2032)
        8.7.7    Travel and Hospitality
            8.7.7.1    Historical Trend (2018-2023)
            8.7.7.2    Forecast Trend (2024-2032)
        8.7.8    Education
            8.7.8.1    Historical Trend (2018-2023)
            8.7.8.2    Forecast Trend (2024-2032)
        8.7.9    Others
    8.8    Global Digital Payment  Market by Region       
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023) 
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023) 
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2023) 
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2023) 
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2023) 
            8.8.5.2    Forecast Trend (2024-2032)
9    North America Digital Payment Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Digital Payment Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Digital Payment  Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Digital Payment Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Digital Payment Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Square, Inc.
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Fiserv, Inc.
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    PayPal Holdings, Inc.
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Visa Inc.
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    MasterCard Incorporated
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Apple Inc.
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    One97 Communications Limited
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Fidelity National Information Services, Inc. (FIS)
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Global Payments Direct, Inc.
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Google LLC
            15.2.10.1    Company Overview
            15.2.10.2    Product Portfolio
            15.2.10.3    Demographic Reach and Achievements
            15.2.10.4    Certifications
        15.2.11    Worldline S.A.
            15.2.11.1    Company Overview
            15.2.11.2    Product Portfolio
            15.2.11.3    Demographic Reach and Achievements
            15.2.11.4    Certifications
        15.2.12    Adyen N.V.
            15.2.12.1    Company Overview
            15.2.12.2    Product Portfolio
            15.2.12.3    Demographic Reach and Achievements
            15.2.12.4    Certifications
        15.2.13    Others
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Digital Payment Market: Key Industry Highlights, 2018 and 2032
2.    Global Digital Payment Historical Market: Breakup by Solution (USD Billion), 2018-2023
3.    Global Digital Payment Market Forecast: Breakup by Solution (USD Billion), 2024-2032
4.    Global Digital Payment Historical Market: Breakup by Deployment (USD Billion), 2018-2023
5.    Global Digital Payment Market Forecast: Breakup by Deployment (USD Billion), 2024-2032
6.    Global Digital Payment Historical Market: Breakup by Mode of Payment (USD Billion), 2018-2023
7.    Global Digital Payment Market Forecast: Breakup by Mode of Payment (USD Billion), 2024-2032
8.    Global Digital Payment Historical Market: Breakup by End Use (USD Billion), 2018-2023
9.    Global Digital Payment Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10.    Global Digital Payment Historical Market: Breakup by Region (USD Billion), 2018-2023
11.    Global Digital Payment Market Forecast: Breakup by Region (USD Billion), 2024-2032
12.    North America Digital Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    North America Digital Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Europe Digital Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Europe Digital Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Asia Pacific Digital Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Asia Pacific Digital Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Latin America Digital Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Latin America Digital Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Middle East and Africa Digital Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Middle East and Africa Digital Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Global Digital Payment Market Structure

Key Questions Answered in the Report

In 2023, the global market for digital payment attained a value of USD 140.00 billion.

The market is projected to grow at a CAGR of 15.3% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 504.18 billion by 2032.

The major drivers of the digital payment market include the expanding economies, growing preference for contactless services, increasing availability of smart wallets, and increase in in-app services for booking hotels, flight tickets, offers.

Increasing penetration of smartphones and various government initiatives are the key trends propelling the market's growth.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major players in the market are Square, Inc., Fiserv, Inc., PayPal Holdings, Inc., Visa Inc., MasterCard Incorporated, Apple Inc., One97 Communications Limited, Fidelity National Information Services, Inc. (FIS), Global Payments Direct, Inc., Google LLC, Worldline S.A., and Adyen N.V., among others.

Layers of device security, such as API private keys and tokenisation, are used to secure digital payments.

The various solutions in the market include payment gateway, payment security and fraud management, payment processing, and transaction risk management, among others.

The different modes of payment in the market include digital wallets, bank cards, net banking, and digital currencies, among others.

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